By Paul A. Harris
St. Louis, Oct. 7 - Switzerland's Sunrise Communications AG raised approximately CHF 1.475 billion equivalent by issuing three tranches of notes on Thursday, according to market sources.
Subsidiary Sunrise Communications International SA priced CHF 300 million and €371 million of senior secured notes due Dec. 31, 2017 (Ba3/BB/) at par to yield 7%. The secured notes priced at the tight end of the 7% to 7¼% price talk.
Meanwhile, Sunrise Communications Holdings SA priced €505 million of 8½% senior unsecured notes due Dec. 31, 2018 (B3/B/) at 99.2238 to yield 8 5/8%. The unsecured notes also priced at the tight end of the 8¾% area price talk.
Deutsche Bank and BNP Paribas were the global coordinators and joint bookrunners.
UBS, SG CIB and UniCredit were also joint bookrunners.
ING was the co-manager.
The Zurich-based telecommunications company will use the proceeds to fund the purchase of Sunrise Communications AG from TDC A/S by funds managed and advised by CVC Capital Partners.
| Company: | Sunrise Communications AG
|
| Amount: | CHF 1.475 billion equivalent
|
| Global coordinators: | Deutsche Bank, BNP Paribas
|
| Joint bookrunners: | Deutsche Bank, BNP Paribas, UBS, SG CIB, UniCredit
|
| Co-manager: | ING
|
| Trade date: | Oct. 7
|
| Settlement date: | Oct. 14
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Senior secured notes
|
| Issuer: | Sunrise Communications International SA
|
| Amounts: | CHF 300 million and €371 million
|
| Maturity: | Dec. 31, 2017
|
| Description: | Senior secured notes
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Spreads: | CHF-denominated notes at 582 bps, and euro-denominated notes at 505 bps
|
| Call protection: | Three years
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
| Price talk: | 7% to 7¼%
|
|
|
| Senior unsecured notes
|
| Issuer: | Sunrise Communications Holdings SA
|
| Face amount: | €505 million
|
| Proceeds: | €501.08 million (approximate)
|
| Maturity: | Dec. 31, 2018
|
| Description: | Senior unsecured notes
|
| Coupon: | 8½%
|
| Price: | 99.2238
|
| Yield: | 8 5/8%
|
| Spread: | 653 bps
|
| Call protection: | Four years
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Price talk: | 8¾% area
|
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